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COBI MSA student wins professional association essay contest

Michael Rasch, a Masters of Science and Accountancy major in The University of Toledo
College of Business and Innovation, took the $2,500 first place award in the recent
2010/2011 Financial Executive International Toledo Chapter 2010/2011 Essay Contest.
The contest essay topic was whether or not U.S. Generally Accepted Accounting Principles
(GAAP) should issue a separate set of requirements for small and medium sized companies
(SME).

“I took the side that there should be a separate ‘little’ GAAP for SMEs,” Rasch said.
“I spent a lot of my paper comparing U.S. GAAP to International Financial Reporting
Standards (IFRS), because IFRS already has a separate set of requirements for SMEs.”

The Financial Executives International is the preeminent association for chief financial
officers and other senior finance executives. With more than 15,000 members throughout
North America, FEI provides networking, regulatory updates, career management, research
support and more.

The Toledo chapter of FEI has members from more than 50 area companies throughout
northwest Ohio and southeastern Michigan. The Chapter invited undergraduate accounting
and finance majors and graduate business students from throughout the region to compete
for more than $3,000 in scholarships via the essay contest. The award will be presented
at an event at The Toledo Museum of Art on May 13